" " Fair Value Forum - FVF -

" "
. .
, , .

.
7 :2012 ,
: FFO " )IFRS( NAV
:" : "2012
:' ( " ) ,"
(" - ").

:" ," ," ,' ,

, , ," ," , ,"
," ," ," ," ( ),
" ( BDO ) ,' .
: ,
"
1FFO " . FFO
" .
FFO ,2NAV .IFRS
FFO , ,
.

Funds From Operations

Net Asset Value

1
2

" " Fair Value Forum - FVF -

FFO .
FFO : ,
. FFO .
, " .FFO
FFO - ,3EPRA ".
, FFO ,
. . ,
FFO " FFO"FFO .
.
FFO - .
.
, FFO "
.
FFO :
.FFO
FFO
.
,FFO
" . , : IFRS
FFO .

FFO :
" . ,FFO
. :

European Public Real Estate Association

" " Fair Value Forum - FVF -

FFO ,
FFO .
" , .
.
: IFRS "
. FFO FFO
" . , FFO
IFRS " .
"
, : , " .
,FFO " , ,4REIT
.NAV ,
.NAV
" :
.1 ".
.2 " " .
.3 " ()REIT
" , "
. FFO
"
.

Real Estate Investment Trust

" " Fair Value Forum - FVF -

" FFO : NOI

.
FFO " .
" .
FFO :
" .
()
, .
, . FFO
. ,
FFO .
'
" : "
.
,FFO . FFO
. .
, FFO ,NOI
.
,
.
()
17.1 11 .

: .
,
. ,
Net Operation Income

" " Fair Value Forum - FVF -

. ,
.
( )
:
51 ,IAS 40 "
. ,
.
. , IFRS 13 51 ,IAS 40 1
2013 .
:
,IFRS 13
( .) best esteem use , ""
. ,
,
.


?IFRS 13
()
IFRS . ,11
.
,
. .
,
.
.

" " Fair Value Forum - FVF -

"
?
()
.
.
.
,
.
" .
( )
FFO " , . FFO
,6NARIET FFO .IFRS
FFO NARIET :EPRA ,NARIET
FFO . EPRA ,
.
7

.FFO REIT , AFFO

. AFFO
.
, FFO . FFO NOI ,NAV
.

?REIT

National Association of Real Estate Investment Trusts

Adjusted Funds From Operations

6
7

" " Fair Value Forum - FVF -

( )
FFO , : FFO
, FFO FFO .
.
. FFO
.

?FFO
( )
, .FFO
.
, FFO NAV .
.
" .

IFRS ,
FFO .
( )
IFRS . ,
, . IFRS
.

" " Fair Value Forum - FVF -

"
. : FFO , .
FFO " "IFRS
. FFO .NON GAAP
( )
FFO " .
:

FFO ,
]. EV/EBITDA[1

, FFO
.

FFO .
FFO ,
FFO - .

NOI ,
, NOI -
.

FFO ?
( )
.
. , FFO
. " NOI Capitalization
.Rate FFO .

" " Fair Value Forum - FVF -

Payout Ratio ,FFO
.FFO

FFO .
. FFO ,
. WACC 10% ,20% FFO
.5
( )
" ,
. , FFO .
FFO ".
NAV ,FFO
. NAV ,
.
, FFO
.
( )
FFO FFO .
, . FFO
NAV NAV .
( )
FFO . ,
. .FFO -

" " Fair Value Forum - FVF -

, ,
" " . ," .
"
FFO )Capital Expenditure( CAPEX
.
( )
.AFFO , FFO
.AFFO AFFO ,CAPEX
.
( )
. ,
NOI " . NOI
. ,
.
NAV ,
. ,
.NOI
, FFO
.REIT FFO ,
CAPEX.
, .FFO ,
.

, .FFO ,
.
, .FFO

11

" " Fair Value Forum - FVF -

.
,ERPA ,FFO
. FFO
FFO .
( )
, .FFO ,
FFO .
, . "
: , .
:
.
. ,
.
.


?
. FFO
, .
.
. 100%
FFO . ,FFO
.
( )
. FFO .
.
.

11

" " Fair Value Forum - FVF -

Payout Ratio .
( )
, :FFO
,
. ,
.

, .FFO
,
.
( )
, " .
, .
,downside -
.
, " .
, .

.
. ,
.
.
( )
.
. .FDA
, ,
12

" " Fair Value Forum - FVF -

.
. ,downside
. ,
".
'
. NOI ,FFO
NOI .
.
NAV
. "
,
.
"
, .tailor made
.
'
.
.

,2002 ,
. , , "" .
.

.

13

" " Fair Value Forum - FVF -

,
. ,
.
( )
,
.
.
.
()
17.1
, .
, , ,
.
( )
. , "
, NOI .
Applied Capitalization Rate .
Applied Cap Rate
.
.
, Applied Cap Rate .
,
Applied Cap Rate.

"
."
" , ?
14

" " Fair Value Forum - FVF -

( )
" .
, :
"" , "" .
, .
: ,
,
.
, .
, :
.
( )
. ,
. .

, "
.
:
.
. " ,
,
(.)MD&A

,
"" " " (
5% - 10%- , , ) .
, , .

. ( / ) ,

15

" " Fair Value Forum - FVF -

,
.
, ,
/ , ,
.

16

" " Fair Value Forum - FVF -

:
" " ) Fair Value Forum (FVF ,
.
,
Best Practices - , .

, ,
.
, ' , ,"
, () , , 25 -
, , ,,
, .
:
, , ,
, .
.

.
www.fvf.org.il :

17

" " Fair Value Forum - FVF -

( '-'):

' ( ) , () ," - (
) ," ( KPMG ) ," , (),
( ) ," ( ) ,' (
) , ( ') ,' ( ) ," (KPMG
) ," ( ,)BDO" ( ) ,"
( ,)Deloitte () ," ( Variance
,)Economic Consulting Ltd ( ,)S&P" ( PWC
) ," ( ,)EY ( ) ,"
( ) ,' ( ) ,"
( ) , ( ) ," ( PWC ) ,"
( ) ," ( ) ," ( ),
" ( ,)EY ( ).

:
" ( )
' ( )
" ( , )
" ( )
" , ( )

18